Other Scholarship Factors

How much schools must pay in scholarships to attract desirable students of all income levels hinges on a lot of factors. Geography is one. In general, I’ve found that universities located in East Coast cities tend to be less generous than schools where cows outnumber students. Kids dream about attending schools in cities like Boston, New York, Philadelphia, and Washington, DC, so the aid offers from these schools—beyond the most elite—can be underwhelming. I cringe when I hear students who need considerable financial aid say that they want to go to schools like Emerson College and NYU, Drexel, Fordham, St. Joseph’s, American, and Northeastern universities.

Rankings ambitions also play a factor. Some schools must cough up more money to attract smart and/or affluent students who may be able to help boost a school’s rankings. I’m using the following three universities in Washington, DC, to illustrate this phenomenon. Next to each name is the school’s US News’ ranking in the national university category: